Topic: How Scamcoins work. (Read 1692 times)
This is the same strategy of numerous airdrops I have been into. They usually create demand by making huge announcement like second airdrop or holders airdrop
Mostly the team is anonymous, many of scam project has a low rating on ico sites, and the last sign is the dev make promise to give us high return if we invest on their project, if you see this signs, better if you avoiding to invest on the project
This a must read for anyone interested in alt coins.
mostly the scam coins are disguised as enhanced forks. There is nothing enhanced about them in most cases. I also see they like to copy brands and logos of existing companies, or they copy a brand that is known in asia but not so much internationally.
seeing how many scamcoins are out there, this topic should be a sticky, in all forums regarding altcoins. As a lot of scammers use this forum to scam people, through the anouncements. It would be great to see bitcointalk start taking some action against this.
mostly the scam coins are disguised as enhanced forks. There is nothing enhanced about them in most cases. I also see they like to copy brands and logos of existing companies, or they copy a brand that is known in asia but not so much internationally.
seeing how many scamcoins are out there, this topic should be a sticky, in all forums regarding altcoins. As a lot of scammers use this forum to scam people, through the anouncements. It would be great to see bitcointalk start taking some action against this.
Op, posted this info almost year ago, but the sad part is that mechanism of altcoin cloning it is very much correct and true even today.
It is possible only because people are full of pure stupidity fueled by greed - and they know perfectly well how most altcoins are created - they don't need the warnings like that.
It is possible only because people are full of pure stupidity fueled by greed - and they know perfectly well how most altcoins are created - they don't need the warnings like that.
Everyone is looking for a way to make a quick buck, and investing in cryptocurrency is the hot new thing.
There are people that are becoming millionaires overnight. Mostly its the developers of these new coins, scammers running ICOs that go nowhere, etc.
Unfortunately that money has to come from somewhere, and mostly its new investors that are putting in a couple hundred dollars and losing it.
if you want not lost money in new altcoin, because scam coin
if you want buy ico selling in new altcoin you must use escrow
use escrow is save your money
scamer new coin ussualy not use escrow
if you want buy ico selling in new altcoin you must use escrow
use escrow is save your money
scamer new coin ussualy not use escrow
Well I cannot see what you are saying. But, I believe those coin with ICO is not a scam one. But, those coin who just appeared from nowhere without ICO and has a high price in its first day. The thing is that, when people buy that in high price and the developer gets the amount he has. He may dump the coin then pump it up and earn money then leave. That's how the scam coin works.
oh thanks for this mate
is there something actually called scamcoins or did you just make it up
is there something actually called scamcoins or did you just make it up
No, scam coin is just a general name given to coins that will rise and die off in one or two years with so many traders/investors losing their money alongside.
That is why right now i am staying away from them and stay in top 20 altcoin in coinmarketcap.
oh thanks for this mate
is there something actually called scamcoins or did you just make it up
is there something actually called scamcoins or did you just make it up
No, scam coin is just a general name given to coins that will rise and die off in one or two years with so many traders/investors losing their money alongside.
Op, posted this info almost year ago, but the sad part is that mechanism of altcoin cloning it is very much correct and true even today.
It is possible only because people are full of pure stupidity fueled by greed - and they know perfectly well how most altcoins are created - they don't need the warnings like that.
If they lost their money invested in 'coin XYZ' then they will learn - no sooner.
It is possible only because people are full of pure stupidity fueled by greed - and they know perfectly well how most altcoins are created - they don't need the warnings like that.
If they lost their money invested in 'coin XYZ' then they will learn - no sooner.
I have seen and experience this on two coins Ubiquoin and Bigup,Ubiquion ICO was over in less than 24 hours but after three or 4 days,the coin value has become useless leaving investors at a losing end,Dev has a huge bitcoin to buy his own coin.
if you want not lost money in new altcoin, because scam coin
if you want buy ico selling in new altcoin you must use escrow
use escrow is save your money
scamer new coin ussualy not use escrow
if you want buy ico selling in new altcoin you must use escrow
use escrow is save your money
scamer new coin ussualy not use escrow
I already read this post from one thread I don't know if that's you,But like I commented from that post newbies and those who are into cryto currency should read this post,we should be aware on the movement of the coins whether the admin of the coins just want to steal out coins like the OP posted here or there is a natural adoption of the coin going..
Most member in this forum said that majority of the scamscoin they hype the investors most of the time for them to get the interest of others to invest in their coins then in the long run they will run away immediately.
oh thanks for this mate
is there something actually called scamcoins or did you just make it up
is there something actually called scamcoins or did you just make it up
I'm going to ise very strong language here lol.
The scammers you refer to see fuckong useless scum waste of space and embarrassments to their mothers. They have very low is and act like an uneducated person.
Why do I say this ?
Firstly their mind set is one of a total moron. They cannot think past their nose. "Let me eat all my food today and not plant more for tomorrow" Infact let me not even think of tomorrow. When there is no fppd the next day what will they do? They fucked that's what. So they run another scam .
Scammers like this will never be rich because they greedy and eat all theoryfopd in one day and starve the next. One minute they loaded the next they poor. If they had any brains at all they would realize it is better to have a well run coin that constantly makes profit then running of with piss all money. A few bitcoins ? Pathetic is that all they can do ? If you work hard on a coin you can become rich fpr the rest of your life bit these scammers do not think this way. Instead of feasting for the rest of their life they run with piss all pocket change. They give up just like they do with everything in life because they losers. Only losers give up. Most likely they do this because their mother Gabe up on them at birth.
The scammer takes and eats his pizza in a day while the wise man invests and eats 3 pizzas next weak. The scammers actually fuck themselves by running. There is way more bitcoin to make when you do not run. They can't even figure that out.
I hope these scammers get the shit beaten out of them one day and rot in prison.
The scammers you refer to see fuckong useless scum waste of space and embarrassments to their mothers. They have very low is and act like an uneducated person.
Why do I say this ?
Firstly their mind set is one of a total moron. They cannot think past their nose. "Let me eat all my food today and not plant more for tomorrow" Infact let me not even think of tomorrow. When there is no fppd the next day what will they do? They fucked that's what. So they run another scam .
Scammers like this will never be rich because they greedy and eat all theoryfopd in one day and starve the next. One minute they loaded the next they poor. If they had any brains at all they would realize it is better to have a well run coin that constantly makes profit then running of with piss all money. A few bitcoins ? Pathetic is that all they can do ? If you work hard on a coin you can become rich fpr the rest of your life bit these scammers do not think this way. Instead of feasting for the rest of their life they run with piss all pocket change. They give up just like they do with everything in life because they losers. Only losers give up. Most likely they do this because their mother Gabe up on them at birth.
The scammer takes and eats his pizza in a day while the wise man invests and eats 3 pizzas next weak. The scammers actually fuck themselves by running. There is way more bitcoin to make when you do not run. They can't even figure that out.
I hope these scammers get the shit beaten out of them one day and rot in prison.
How new Alts / Scamcoins steal your Bitcoins
It seems every day a new alt coin pops up. They are easy to make - most are just clones of coins
that were programmed by someone else and just given a new name, a few graphic tweaks, etc. to make it look new.
It doesn’t take much work - a new scam coin is born. Most of the devs who create these coins have only one intention - to steal bitcoins from others. This explains how they do it.
First they clone an existing coin, make a few tweaks, make a website (which helps scam coins look legit) then they pre-mine a good amount of coins which they will dump later on.
After the coin is up and ready for launch it is Announced on various sites - bitcointalk.org, reddit, etc.
They get the coin listed on an exchange or two and then deposit a portion of their pre-mine coins they already
have saved up. They may make a few Bitcoins after their coin gets listed, but this is not the way they
intend to get your Bitcoins. They let their coin do whatever the market wants for a month or two, maybe try to hype it up a little thru various forums and trollboxes to help legitimize it. They don’t want to pump it as soon as it gets listed on an exchange - this would be obviously suspicious.
Then the day comes where they decide to make their move. They start by buying up the orders on
the exchange(s) to start driving up the price to give the illusion that their coin is starting to take of. This doesn’t cost them anything because they pre-mined the coins for free and the Bitcoins they are using to buy up the orders go back to them because they are buying the scamcoin from themselves anyways. After us innocent, unsuspecting users see that this alt
is moving up a large percent is when we start putting our bitcoin orders in so we don’t miss out on this coin that seems to be really taking off. As soon as enough orders are put in / coins are bought - when the scammer devs are happy with the amount of BTC they have acquired, they dump the rest of their pre-mined coins on the order book to buy
up any lower bitcoin orders still on the books. Congratulations, you have just become a bag holder of a worthless scamcoin that is back to its previous price of next to nothing, the devs have conned you out of your bitcoins and will let their scam coin die to start working on their next scam.
It seems every day a new alt coin pops up. They are easy to make - most are just clones of coins
that were programmed by someone else and just given a new name, a few graphic tweaks, etc. to make it look new.
It doesn’t take much work - a new scam coin is born. Most of the devs who create these coins have only one intention - to steal bitcoins from others. This explains how they do it.
First they clone an existing coin, make a few tweaks, make a website (which helps scam coins look legit) then they pre-mine a good amount of coins which they will dump later on.
After the coin is up and ready for launch it is Announced on various sites - bitcointalk.org, reddit, etc.
They get the coin listed on an exchange or two and then deposit a portion of their pre-mine coins they already
have saved up. They may make a few Bitcoins after their coin gets listed, but this is not the way they
intend to get your Bitcoins. They let their coin do whatever the market wants for a month or two, maybe try to hype it up a little thru various forums and trollboxes to help legitimize it. They don’t want to pump it as soon as it gets listed on an exchange - this would be obviously suspicious.
Then the day comes where they decide to make their move. They start by buying up the orders on
the exchange(s) to start driving up the price to give the illusion that their coin is starting to take of. This doesn’t cost them anything because they pre-mined the coins for free and the Bitcoins they are using to buy up the orders go back to them because they are buying the scamcoin from themselves anyways. After us innocent, unsuspecting users see that this alt
is moving up a large percent is when we start putting our bitcoin orders in so we don’t miss out on this coin that seems to be really taking off. As soon as enough orders are put in / coins are bought - when the scammer devs are happy with the amount of BTC they have acquired, they dump the rest of their pre-mined coins on the order book to buy
up any lower bitcoin orders still on the books. Congratulations, you have just become a bag holder of a worthless scamcoin that is back to its previous price of next to nothing, the devs have conned you out of your bitcoins and will let their scam coin die to start working on their next scam.
The reason that most of the altcoins just copy an existing code base and tweak a few parameters thus really not a challenge to the established leader(s), i.e. Bitcoin:
https://download.wpsoftware.net/bitcoin/alts.pdf
It is really, really hard folks. One little detail wrong and poof ... your money is gone...
just wanted to warn as many people as possible.
The butthurt runs deep.
Careful yours is oozing and I smell rotting flesh and gangrene.
That escalated quickly
I love how you guys just skip over my comment i have posted on this forum 1000 times.
You disagree with me i take it but won't even acknowledge what i said.
then push on with more stupid comments.
You guys are pointless and stupid big time.
No i am not even gonna bother.. you people aren't worth my time.
You disagree with me i take it but won't even acknowledge what i said.
then push on with more stupid comments.
You guys are pointless and stupid big time.
No i am not even gonna bother.. you people aren't worth my time.
How new Alts / Scamcoins steal your Bitcoins
It seems every day a new alt coin pops up. They are easy to make - most are just clones of coins
that were programmed by someone else and just given a new name, a few graphic tweaks, etc. to make it look new.
It doesn’t take much work - a new scam coin is born. Most of the devs who create these coins have only one intention - to steal bitcoins from others. This explains how they do it.
First they clone an existing coin, make a few tweaks, make a website (which helps scam coins look legit) then they pre-mine a good amount of coins which they will dump later on.
After the coin is up and ready for launch it is Announced on various sites - bitcointalk.org, reddit, etc.
They get the coin listed on an exchange or two and then deposit a portion of their pre-mine coins they already
have saved up. They may make a few Bitcoins after their coin gets listed, but this is not the way they
intend to get your Bitcoins. They let their coin do whatever the market wants for a month or two, maybe try to hype it up a little thru various forums and trollboxes to help legitimize it. They don’t want to pump it as soon as it gets listed on an exchange - this would be obviously suspicious.
Then the day comes where they decide to make their move. They start by buying up the orders on
the exchange(s) to start driving up the price to give the illusion that their coin is starting to take of. This doesn’t cost them anything because they pre-mined the coins for free and the Bitcoins they are using to buy up the orders go back to them because they are buying the scamcoin from themselves anyways. After us innocent, unsuspecting users see that this alt
is moving up a large percent is when we start putting our bitcoin orders in so we don’t miss out on this coin that seems to be really taking off. As soon as enough orders are put in / coins are bought - when the scammer devs are happy with the amount of BTC they have acquired, they dump the rest of their pre-mined coins on the order book to buy
up any lower bitcoin orders still on the books. Congratulations, you have just become a bag holder of a worthless scamcoin that is back to its previous price of next to nothing, the devs have conned you out of your bitcoins and will let their scam coin die to start working on their next scam.
It seems every day a new alt coin pops up. They are easy to make - most are just clones of coins
that were programmed by someone else and just given a new name, a few graphic tweaks, etc. to make it look new.
It doesn’t take much work - a new scam coin is born. Most of the devs who create these coins have only one intention - to steal bitcoins from others. This explains how they do it.
First they clone an existing coin, make a few tweaks, make a website (which helps scam coins look legit) then they pre-mine a good amount of coins which they will dump later on.
After the coin is up and ready for launch it is Announced on various sites - bitcointalk.org, reddit, etc.
They get the coin listed on an exchange or two and then deposit a portion of their pre-mine coins they already
have saved up. They may make a few Bitcoins after their coin gets listed, but this is not the way they
intend to get your Bitcoins. They let their coin do whatever the market wants for a month or two, maybe try to hype it up a little thru various forums and trollboxes to help legitimize it. They don’t want to pump it as soon as it gets listed on an exchange - this would be obviously suspicious.
Then the day comes where they decide to make their move. They start by buying up the orders on
the exchange(s) to start driving up the price to give the illusion that their coin is starting to take of. This doesn’t cost them anything because they pre-mined the coins for free and the Bitcoins they are using to buy up the orders go back to them because they are buying the scamcoin from themselves anyways. After us innocent, unsuspecting users see that this alt
is moving up a large percent is when we start putting our bitcoin orders in so we don’t miss out on this coin that seems to be really taking off. As soon as enough orders are put in / coins are bought - when the scammer devs are happy with the amount of BTC they have acquired, they dump the rest of their pre-mined coins on the order book to buy
up any lower bitcoin orders still on the books. Congratulations, you have just become a bag holder of a worthless scamcoin that is back to its previous price of next to nothing, the devs have conned you out of your bitcoins and will let their scam coin die to start working on their next scam.
good job you just getting this.
it is already too late for most dumb people here with their life saving and mortgage.
This i very good actually. Many people involving in alts without necessary knowledge.
That is why this should be sticky.
That is why this should be sticky.
just wanted to warn as many people as possible.
The butthurt runs deep.
Careful yours is oozing and I smell rotting flesh and gangrene.
just wanted to warn as many people as possible.
The butthurt runs deep.
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